Since April 20, 2021, almost 15 million people have resigned from their employment in a phenomenon dubbed “the great resignation.” It’s no wonder, then, that labor availability is CFOs’ #1 issue right now.

So, what will employers do in 2022 to address the labor shortage? Some corporations have started with the basics, such as Amazon, Costco, and Walmart; they have raised their pay to recruit workers. Others are beefing up their benefits packages, including stock options and financial wellness incentives. In any case, they are now focusing more on employee retention.

Initially, the discussion was about managing the remote work, but it has its own flaws as some employees are uncomfortable with this choice of work. Therefore, many companies like Apple and Microsoft introduced a hybrid work model in 2021. It gives workers more flexibility in terms of where they work, and by 2022, firms will give their employees more discretion over when they work. Employees gain from more flexibility, schedule management, and work-life balance in this way. Also, people want more from their jobs than just a paycheck, and flexibility in the workplace appears to be paying off for companies very nicely.

Due to changes in workplace dynamics, COVID and vaccination processes, businesses have had to address health care facilities as a challenge in recent years. Over the last year and a half, organizations have invested in a range of strategies to address employee burnout and mental health issues. Others have laid forth complete treatment plans, including mental health treatments, for free or at a little cost. So, as a result, many companies are looking to boost their employee benefits for health care, including mental health therapy.

The requirement of skills in various industries is quite different now. Therefore, companies are struggling to fill the positions. One solution for firms is to retrain existing staff to fill internal positions. According to a World Economic Forum research, by 2024, over 40% of the global workforce will require up to six months of reskilling.

Before the shift in work dynamics, employers used to consider the training of the employees just as another need, but not quite necessary. However, this is changing now. Leaders understand that concentrating on employee upskilling and career pathing may help their companies bridge skills shortages. In contrast to more typical job grading, this necessitates the use of a completely new set of techniques to identify different skill sets. Organizations might benefit from skill development to fulfill their most pressing business needs.

Yes, it’s not just about the hard skills anymore. More and more people are inclined to learn soft skills too. Employers are bound to prepare their teams or prefer their employees with the top soft skills like leadership, critical thinking, creativity, and problem-solving. So, any company that has set its priorities right; will show more growth in the future.

As we said earlier, employees are now asking questions. And that is why they have their preferences too for the job. Considering this, many employees now want to work with a company that prioritizes DEI in their company. As a result, most businesses are seeking better ways to attract, retain, engage, and enable a diverse workforce. Leaders may accelerate good, more equitable outcomes and begin to fully recognize, respect, and engage all of their talents by selecting a few key activities in their DEI efforts.